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I just drilled 4 3/8" holes into 1" thick steel in 6 seconds each (after setup) using tap magic. I was afraid of going faster because steel started flying everywhere! I also drilled 4 1/4" holes into 3/4" steel rod in 10 seconds each.

Side note: The drill bits I was using were bought at ace hardware for $5 for the entire set! Not great bits! I used Pro Tap.

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304 isn't the worst.
I have a mill so thats were I would do it. Low spindle speed and lean on the feed. I use water soluble coolants in a mister. With a mill or very well clamped part in good drill press will save your drill bits. I have to drill all types of SS, inconel and some other great joys at work. Keep teh tool cool.

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I have a 1/2" plate with a notch for the bit to fit through and it will clamp to a work piece with C clamps and do just fine. Also I have made a cut down Beam for using the mag drill as a drill press and it makes it a handy mobile drill press.

The mag drill is one of the simpliest and most usable with imagination it can be even a vertical boring machine, with care that is!

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I have used Magnum drill bits for several years to drill through Magna steel and they preform the very best. The drill bit itself makes all the difference in the world. We have been purchasing them from Boltmax, they have great delivery and the very best prices I have found. Here's the link.

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Ever heard of a hougan drill they are expensive and so are the bits but it pays for itsself time and time again, one bit for each size no pilot holes just layout punch and drill they are magnetic, u can drill with them upside down, and the best part MADE IN THE USA , try ohiopowertools.com